[THE INVESTOR] The South Korean government will provide incentives to encourage solar power plant operators to set up bulk energy storage facilities, the Trade Ministry here said on Sept 19.

Those who install the energy storage system at their solar power plants will be given additional points on assessment of their renewable energy certificates starting next year, according to the ministry.

The REC-tagged electricity is officially regarded as energy that is generated from a renewable energy resource, including solar light, wind and biomass.

The same incentive system has been applied to wind power-generated electricity providers since last year.

The ministry said the benefit program is aimed at encouraging local power operators to save energy in large-scale batteries and efficiently distribute the power.

As a result, a combined 440 billion won (US$391.60 million) worth of new demand for ESS will be created by 2020, the ministry added.

(theinvestor@heraldcorp.com)